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CIMB OCBC

Y Ventures Group

E-commerce proxy

 

■ YVEN is a Singapore-based online e-commerce and data analytics provider.

■ 1H17 revenue grew 47.1% yoy due to higher sales of goods on online marketplaces but YVEN slipped into net loss of US$0.2m due to one-off IPO-related expenses.

■ YVEN aims to expand its online presence in the UK, Europe, Northeast and Southeast Asia, expand its product range and enhance its data analytics capabilities.

■ YVEN is trading at a historical FY16 P/E of 24.3x.

 

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Keppel Corporation: Well-placed to benefit

 

Keppel Offshore & Marine recently entered into a Heads of Agreement (HOA) with Pavilion Energy and Indonesia state-owned PT Perusahaan Listrik Negara (PLN) to explore opportunities in the development of small-scale Liquefied Natural Gas (LNG) distribution in West Indonesia. Indonesia’s small-scale LNG market is a new growth segment that offers interesting opportunities amidst lacklustre demand in the traditional LNG market, but time and investments will also be needed for the roll-out of infrastructure and other developments. As such, while we are optimistic of KEP’s good position to capitalise on any upcoming opportunities, we are not banking on immediate significant orders that can replace the void from jack-up rig orders. On the other hand, KEP’s property and investments divisions should be expected to support earnings, driven by China’s ongoing upcycle and Singapore’s impending property market recovery. Maintain BUY with S$7.36 fair value estimate on KEP.

UOB KAYHIAN

SATS (SATS SP)

Risk/Reward Tilted Towards The Upside, Expecting 16% Total Return Over The Next 12 Months

 

Risk/reward for SATS is tilted towards the upside over the next two quarters. We expect SATS to secure inflight catering and ramp handling contracts from Qantas and very likely from Norwegian Air too. We expect 2QFY17 earnings to rise qoq from the inclusion of Jetstar Asia’s catering contract and the ground handling contract for AirAsia. Together with dividends, we expect SATS to generate a total return of 16% over the next 12 months. Our target price of S$5.40 implies an FY18F PE of 23.5x and 18x ex-cash. Maintain BUY.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.3000.020
Alliance Mineral0.345-0.020
AusGroup0.0400.001
Avi-Tech Electronics0.490-
Best World Int.1.230-
China Sunsine0.925-0.015
CWG International0.151-0.002
DISA Limited0.013-
Dutech Holdings0.350-
Federal Int. (2000)0.430-
Food Empire0.680-0.020
Geo Energy0.2700.005
Golden Energy0.420-
GSS Energy0.166-0.004
Heeton Holdings0.540-0.015
ISOTeam0.3600.005
KSH Holdings0.835-
Lian Beng Group0.770-
Miyoshi0.074-0.001
Nordic Group0.540-0.015
Oxley Holdings0.660-0.010
REX International0.053-0.001
Riverstone1.050-0.010
Roxy-Pacific0.530-0.010
Serial System0.172-
Sing Holdings0.440-0.020
Sino Grandness0.210-0.010
Straco Corp.0.850-0.015
Sunningdale Tech1.940-0.020
Sunpower Group0.6000.025
The Trendlines0.146-0.006
Tiong Seng0.375-0.010
Trek 2000 Int.0.275-
Uni-Asia Group1.2700.010
XMH Holdings0.250-
Yangzijiang Shipbldg1.7000.010

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